First Interstate BancSystem (NASDAQ:FIBK) Announces Quarterly Earnings Results

Key Points

• First Interstate reported Q earnings of $0.61 EPS, beating the consensus of $0.60, but reported revenue of $41.10 million versus a consensus of $243.26 million; the bank posted a net margin of 21.4% and a ROE of 8.83%.
• Shares traded down $1.24 to $34.44 on elevated volume; the stock has a market cap of $3.48 billion, a P/E of 11.67, and a 12‑month range of $24.76–$39.26.
• Institutional investors own 88.71% of the stock with large stake increases from Wellington and State Street, while analyst coverage is mixed—consensus rating is Hold with an average target of $38.00 amid recent sell and buy reevaluations.

First Interstate BancSystem (NASDAQ:FIBK - Get Free Report) posted its earnings results on Wednesday. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01, FiscalAI reports. The firm had revenue of $41.10 million for the quarter, compared to the consensus estimate of $243.26 million. First Interstate BancSystem had a net margin of 21.40% and a return on equity of 8.83%.

First Interstate BancSystem Stock Performance

Shares of NASDAQ FIBK traded down $1.24 during mid-day trading on Wednesday, hitting $34.44. The company had a trading volume of 1,880,208 shares, compared to its average volume of 1,171,486. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. The business's 50-day simple moving average is $34.28 and its 200-day simple moving average is $34.40. First Interstate BancSystem has a 12 month low of $24.76 and a 12 month high of $39.26. The firm has a market cap of $3.48 billion, a P/E ratio of 11.67 and a beta of 0.77.

Institutional Investors Weigh In On First Interstate BancSystem

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its stake in First Interstate BancSystem by 20.4% during the third quarter. Wellington Management Group LLP now owns 5,915,425 shares of the financial services provider's stock worth $188,525,000 after purchasing an additional 1,003,021 shares during the period. State Street Corp lifted its stake in First Interstate BancSystem by 29.7% during the fourth quarter. State Street Corp now owns 5,482,245 shares of the financial services provider's stock worth $189,686,000 after purchasing an additional 1,254,321 shares during the period. Victory Capital Management Inc. lifted its stake in First Interstate BancSystem by 4.4% during the fourth quarter. Victory Capital Management Inc. now owns 2,076,339 shares of the financial services provider's stock worth $71,841,000 after purchasing an additional 87,136 shares during the period. North Reef Capital Management LP lifted its stake in First Interstate BancSystem by 132.4% during the fourth quarter. North Reef Capital Management LP now owns 1,974,999 shares of the financial services provider's stock worth $68,335,000 after purchasing an additional 1,124,999 shares during the period. Finally, Bank of America Corp DE lifted its stake in First Interstate BancSystem by 29.1% during the third quarter. Bank of America Corp DE now owns 1,848,889 shares of the financial services provider's stock worth $58,924,000 after purchasing an additional 416,328 shares during the period. Institutional investors own 88.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wall Street Zen downgraded shares of First Interstate BancSystem from a "hold" rating to a "sell" rating in a research report on Saturday. UBS Group cut shares of First Interstate BancSystem from a "neutral" rating to a "sell" rating and decreased their price target for the company from $38.00 to $35.00 in a report on Tuesday, April 7th. Weiss Ratings upgraded shares of First Interstate BancSystem from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, April 2nd. Keefe, Bruyette & Woods decreased their price target on shares of First Interstate BancSystem from $39.00 to $38.00 and set an "outperform" rating for the company in a report on Thursday, April 9th. Finally, DA Davidson restated a "buy" rating and set a $42.00 price target on shares of First Interstate BancSystem in a report on Thursday, January 29th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $38.00.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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